Meanwhile, U.S. threats of military action in Nigeria, a significant oil producer, have added to geopolitical uncertainty. While prices remain steady for now, the market faces a fragile balance between supply risks and weak demand signals.
WTI Crude Oil Technical Analysis
WTI Oil Daily Chart – Consolidation
The daily chart for WTI crude oil shows that prices continue to consolidate below the 50-day SMA. The price is hovering around the $60 to $62 area after rebounding from the $55 support. This consolidation reflects market uncertainty, with prices searching for direction.
However, the RSI remains above the mid-level, suggesting that a new move is developing. A break back above the 50-day SMA near $62 would signal further upside toward the 200-day SMA around $65. As long as prices stay below the $65 region, the outlook for oil remains bearish.
